Detailed text transcripts for TV channel - FOXNEWS - 20120522:23:42:00
>> shepard: it's time wall street learned a lesson. that's what top regulators told lawmakers today about the multibillion dollar mistake at the nation's biggest bank. they testified before the senate committee saying j.p. morgan chase's huge losses prove we need tougher rules. it comes after the bank lost at least $2 billion in risky trades. much like the bad bets that hurt the economy back in 2008. and one man reportedly at the center of it all, a london-based trader whose reputation for risk taking earned him the nickname voltimort, harry potter's evil enemy. now some lawmakers say strict n...